ATLANTA - Hollywood Presbyterian Medical Center is expanding its relationship with MedAssets (NASDAQ: MDAS), adding comprehensive revenue cycle management and consulting services to increase its cash flow and improve its margins. MedAssets will manage the organization's revenue cycle operations and implement additional Web-based revenue cycle technology tools to improve charge integrity, revenue capture and accounts receivables collections.

MedAssets' revenue cycle services experts will oversee the patient access, hospital information management (HIM) and patient financial services (PFS) departments within Hollywood Presbyterian Medical Center to help fundamentally transform the organization through the implementation of proven, best practice processes for sustainable financial and operational improvement. To ensure compliance and appropriate reimbursement for the services it provides, Hollywood Presbyterian Medical Center will utilize MedAssets' clinical documentation services and managed care recovery services, addressing retrospective denials and underpayments. MedAssets will also improve cash flow for the healthcare provider by managing Hollywood Presbyterian Medical Center's third-party billing and collections services.

A customer for more than six years, Hollywood Presbyterian Medical Center utilizes MedAssets' Web-based revenue cycle technology tools for access integrity, claims management, contract management and chargemaster management. MedAssets' revenue cycle experts will assist Hollywood Presbyterian Medical Center in managing the implementation of a new hospital information system (HIS) and integration with MedAssets' solutions.

MedAssets will also help the organization lower its supply costs through a recent spend management agreement to use the company's group purchasing (GPO) services, contracting capabilities and spend management process improvement expertise in the areas of distribution, user access and inventory.

Hollywood Presbyterian Medical Center, a 434-bed acute-care facility with over 500 physicians representing all specialties, generated net patient revenue of more than $209 million in 2009.

"We sought a partner that could provide full-service revenue cycle expertise to manage our processes and ensure we are using the right technology for maximum reimbursement," said Hollywood Presbyterian Medical Center Chief Financial Officer Michael Bernstein. "MedAssets brings a unique combination of technology and services expertise to deliver optimum financial improvement. We are even more encouraged by MedAssets' commitment to ensure Hollywood Presbyterian Medical Center's success."

Hollywood Presbyterian Medical Center Chief Executive Officer Michael Rembis said, "By focusing on financial improvement — specifically, improving our cash flow — we can further our mission to better serve our community. More efficient operations that infuse capital back into our hospital can equate to unrivaled benefits including support for new patient programs and existing initiatives."

"This comprehensive partnership that we have formed with Hollywood Presbyterian Medical Center is a direct reflection of the strength of MedAssets' combined revenue cycle services, technology and spend management offering, and our commitment to support the healthcare organization's operations and deliver measurable financial improvement," said MedAssets Chairman, President and CEO John Bardis. "We have the solutions needed to assist providers across the country who are proactively addressing operational efficiency and cost reduction through their revenue cycle and spend management strategies. Our collaborative approach will help Hollywood Presbyterian Medical Center fine tune its revenue cycle and provide customized solutions to help the organization achieve its financial goals."

About Hollywood Presbyterian Medical Center
Hollywood Presbyterian Medical Center is a 434-bed acute-care facility that has been caring for the Hollywood and Los Angeles communities since 1923. The hospital is committed to serving its local multicultural communities with expert medical and nursing care. With over 500 physicians representing virtually every specialty, Hollywood Presbyterian Medical Center is distinguishing itself as a leading healthcare provider, recognized for providing quality, innovative care in a compassionate manner. Hollywood Presbyterian Medical Center is owned and operated by CHA Health Systems, which also owns and operates five acute care hospitals, two specialty clinics, a medical university, a cell and gene therapy research institute in South Korea, as well as two fertility centers, one in Los Angeles, and one in South Korea. For more information, visit http://www.hollywoodpresbyterian.com.